That’s why we have provided a range of home loan calculators, like our borrowing power tool.
The information provided by this calculator is intended to provide you with an estimate and examples based on stated assumptions and your inputs. Simply enter your income details, expense details and loan details and view your results! You’ll get information like what you can borrow, your monthly repayments, fortnightly repayments and weekly repayments.
If you want to make smart repayments and know which loans you might qualify for, it’s important to understand your borrowing power in terms of your salary and expenses. Once your expenses are deducted from your gross income, you are left with either a shortfall or a surplus.
A surplus doesn’t necessarily mean that you’ll get your loan approved. Any lender will need to complete a full assessment that goes beyond your income. They’ll look at things like your credit history and credit score, savings and employment to make a final decision. By using this tool, you can know ahead of time if you meet or exceed the minimum surplus. This can save you plenty of time applying for loans that you may not get approved for.
Use the borrowing power calculator to understand how much you can borrow based on your income and expenses and what your repayments will look like in the future.
As part of the service we provide at McDonald Jones, you now have access to our in-house finance experts at MyChoice Home Loans.
To help you better understand the options available, the finance experts at MyChoice Loans can discuss the process and assist you in securing the right loan for your needs.